This press release constitutes a “Designated Press Release” within the meaning of the Company’s February 2, 2021 Supplement to its abridged prospectus dated January 27, 2021.
VANCOUVER, BC / ACCESSWIRE / July 2, 2021 / HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (NASDAQ: HVBT) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce its long-term, high-performance computing strategy beyond Ethereum 2.0.
Ethereum and Bitcoin growth plans for 2021
HIVE’s current Ethereum production is over 3,000 gigahash per second (“GH / s”) and has the potential to almost double by the end of December 2021 after card upgrades of over 5,500 GH / s, and our current bitcoin production is 544 petahash per second, which we expect to double to 1.0 exahash per second (“EH / s”) by early September 2021 and to 2.3 EH / s by Christmas 2021. Based on current ETH and BTC prices and the difficulty of mining, our earnings could be $ 30 million per month when we have all of our machines installed and taken down.
Long term ‘HPC’ – high performance computing strategy
High performance GPU cards are key to HIVE’s long term strategy of building high performance ‘HPC’ data centers in demand around the world while being a more efficient Ethereum miner in the short term and increasing our hash power to produce more pure ether and HODL those assets on our balance sheet. Over the past year, Ethereum is up 821% while Bitcoin is up 270% and we believe Ethereum could continue to outperform Bitcoin over the next 2 years. The company believes that it will take at least 2 years to prove the proportion of Ethereum 2.0 before Ethereum mining could become financially unattractive. We believe the new high performance GPU cards will remain a robust, expandable technology that can be scaled and repurposed for the game, AI and movie animation boom, making it flexible and profitable for a high performance computing (HPC) data business strategy for at least other is 5 years. The company HODLs its Ethereum in a cold wallet, which results in a very liquid balance sheet asset. Later in the Ethereum life cycle, we can consider using our virgin ether for additional income.
The story goes on
Ethereum is the backbone of the blockchain Super Growth Wave
We believe Ethereum will continue to be the backbone of this new financial ecosystem. Many believe that Ethereum has already won the race for the foundation of Web 3.0 and Finance 3.0, with the explosion of smart contracts, stablecoins, DeFi in general, and now NFTs for music, arts and sports. Ethereum has become the fundamental base layer for all of these new applications and has most of the developers who build real-world applications on top of it. As a result, the network has built a large lead over its competition. Most investors are unaware that there are many more developers built on Ethereum than on any other blockchain platform.
HIVE understands that we are still at the beginning and that this industry can change quickly. We are therefore positioning ourselves with considerable freedom of choice. We’re increasing bitcoin mining in the cloud as well as our GPU operations. HIVE is currently designing pilot HPC sites in Canada and Sweden and expects to ramp up our HPC capacity. Today, HPC’s revenues are both a high-margin business like Ethereum mining, but it’s much less volatile than cryptocurrency mining on a quarterly basis.
ESG strategy
We’re still exploring green energy opportunities and have turned down financially attractive mining deals because they don’t use green energy. We focus on renewable power sources such as hydropower, geothermal, wind and sun. So far we only use electricity from hydropower and geothermal energy in Sweden, Iceland and Canada.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.
HIVE is a growth-oriented technology stock in the emerging blockchain industry. As a company whose shares are traded on a major stock exchange, we build a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green power data center facilities in Canada, Sweden and Iceland, where we only get green power for mining in the cloud and HODL for both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has kept the majority of its ETH and BTC coin mining rewards safe. Our stocks offer investors exposure to digital currency mining operating margins as well as a portfolio of cryptocurrencies such as ETH and BTC. With HIVE also having hard assets like data centers and advanced multi-purpose servers, we believe our stocks are an attractive way for investors to get exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to subscribe to HIVE’s mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Chairman of the Board
For more information please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-looking information
Except for historical facts, this press release contains “forward-looking information” within the meaning of applicable Canadian and US securities laws based on expectations, estimates and projections as of the date of this press release. “Forward-Looking Information” in this press release includes, but is not limited to, statements relating to its listing and trading on the Nasdaq.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the company’s ability to successfully mine digital currencies; the company may not be able to liquidate its current holdings of digital currencies as necessary or profitably at all; a significant drop in digital currency prices can have a material adverse effect on the company’s business; the volatility of digital currency prices; sustained effects of the COVID-19 pandemic could severely affect company performance as supply chains are disrupted and prevent the company from completing its expansion plans or operating its assets; and other related risks, as further set out in the company’s registration statement and other documents disclosed in the company’s filings at www.sec.gov/EDGAR and www.sedar.com.
The forward-looking information in this press release reflects the company’s current expectations, beliefs and / or beliefs based on information currently available to the company. In conjunction with the forward-looking information in this press release, the company has made assumptions about the current profitability of mining cryptocurrencies (including pricing and volume of current transaction activity); profitable use of the company’s assets in the future; the company’s ability to liquidate its holdings of digital currencies for profit as needed; historical prices of digital currencies and the company’s ability to mine digital currencies will be consistent with historical prices; and there will be no rules or laws preventing the company from doing its business. The company has also assumed that no material events will occur outside the normal course of business of the company. While the company believes that the assumptions inherent in any forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly, undue reliance should not be placed on such information due to its inherent uncertainty.
SOURCE: Hive Blockchain Technologies Ltd
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